Shipping keeps adapting faster than the disruption spreads

Shipping markets are increasingly pricing route security rather than cargo volumes, as operators adapt faster than supply chains are disrupted Tankers: Crude earnings extend gains as trade disruptions, not cargo volumes, sets the market The crude tanker market is increasingly priced on where cargoes can safely load and how far they must sail, rather than […]

Low Inventories Point to Extended Period of High Fleet Utilization

The world has been running on reserves for months; refilling them will keep tankers and gas carriers busy well into 2027 The rebuild requirement is large and will take timeSince the Strait of Hormuz was effectively closed in late February, the world has been drawing heavily on stored oil and gas to meet demand, depleting […]

Hormuz Open in Parts, Not in Full

Traffic rebounded sharply after the June 18 MOU, but Iran’s re-declared closure on June 20 A partial reopening, not a return to normalWhen the US-Iran memorandum of understanding was signed on June 17, shipping activity recovered quickly: Kpler recorded 93 transits over the June 19-21 weekend, up from 32 the prior weekend, with US CENTCOM […]

US-Iran Deal Opens Hormuz; Tanker Rates Surge on Owner Optimism

The agreement is signed, but the Strait remains physically constrained while mine-clearance proceeds Tankers: VLCC rates jump 87% as owners hold back ahead of Gulf cargo flowsVLCC earnings rose 87% to approximately $195,000/day after the US-Iran agreement on 18 June 2026 raised expectations of restored Middle East oil flows. Owners pulled back from fixing, anticipating […]

US and Iran near deal to reopen Hormuz and lift shipping blockades

Despite the deal signing, energy markets remain skeptical of how fast normal flows can resume Deal would end blockades on both Hormuz and Iranian shipping The US and Iran signed a nuclear agreement on June 18, ending two maritime blockades simultaneously: Tehran’s Strait of Hormuz closure and Washington’s sanctions-backed restriction on Iranian shipping and oil […]

Panama Canal congestion adds a second layer of support to VLGC earnings

With Hormuz pushing US energy flows toward Asia, a second chokepoint is now reinforcing the strong freight environment Rising US energy flows are pushing Panama toward full capacityThe Hormuz disruption has redirected large volumes of US oil and gas toward Asia, much of it through the Panama Canal, which carries more than a fifth of […]

A positive week for owners as Hormuz optimism builds

PCTC rates firm as Chinese EV exports surge Tankers: Owners gain the upper hand as sentiment firms across the boardVLCC owners closed the week with real optimism, as a thinning Atlantic position list gave them more control over rates. Rates on key Middle East to Asia routes firmed further, a sign that owners are holding […]

US crude exports reach record high as Asian demand extends tanker voyages

Rising barrels from the Americas are increasingly moving long-haul to Asia, supporting tonne-mile demand across crude segments Record exports from the Americas meet strong Asian buyingUS crude, also known as dirty, oil exports by tanker have reached a new record high, according to BIMCO, as rising shipments from the US and Venezuela combine with strong […]

Middle East builds pipeline capacity to route oil around Hormuz

Producers are investing in alternative export routes, a measured response pointing to gradual normalisation rather than permanent disruption Investment in bypass infrastructure acceleratesMiddle East producers are moving quickly to build export capacity that avoids the Strait of Hormuz, closed in practice since late February. The UAE announced its first refined-products pipeline to Fujairah, while Iraq […]

Earnings stay strong as longer voyages keep rates well above average

Spot rates ease from their recent peaks but stay elevated, supported by the longer routes created by the Hormuz disruption Tankers: VLCC earnings hold near $100,000/day as the crude market cools from its peak but stays historically firmThe cross-sector ClarkSea Index slipped 3% to around $36,000/day, its lowest since late February but still well above […]